Overview
Insurers face challenges in admitting customer’s claims due to “timed events” in natural calamities that were avoidable. Inability of insurers to gain insights from weather events and design predictive weather models in order to forewarn insured to implement preventive steps through bespoke notifications. Insurers could scale down the extent of loss from individual claims and also reduce the absolute number of claims by responding proactively to impending catastrophic weather.
Proactive risk assessment ensures insurers to plan for provisional reserves. Real time location confirmation by insured minimizes fraudulent claims. Real time notifications on actionable mitigation measures. Hierarchical Risk grading of the insured properties on basis on the mapped path of the catastrophe.
Decline in overall claim numbers along-with reduction in average payout leading to lower overall payout and lower claim settlement ratios. Provides insurers with the ability to expunge claims that are non-adherent to suggested preventive measures. Shorter time cycle in claims processing.